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and welcome you to our webcast: Bankruptcy and Restructuring Outlook 2012 welcome you to our webcast: Bankruptcy and Restructuring Outlook 2012

Introduction Moderator: Matt Miller editor at large The Deal LLC

Expert Panel Harvey Miller partner Weil Gotshal & Manges LLP

Expert Panel Tiffany Kosch managing director HIG Capital Inc.

Expert Panel Charles M. Moore senior managing director Conway MacKenzie Inc.

The state of bankruptcy: Today vs. 2010

Source: Administrative Office of U.S. Courts U.S. Business Bankruptcy Filings 52,134 59,608 55,021 33,822 23,889

Top 5 Sectors for Announced U.S. Bankruptcies Year-to-date 2011 Real Estate1,362 Retail477 Leisure371 Financial Services280 Construction263 Source: The Deal Pipeline

Lessons learned from GM’s bankruptcy

Announced Global Bankruptcies in the Auto Sector Source: The Deal Pipeline

Impact of GM’s Chapter 11 on the restructuring of smaller players in the auto industry

Source: The Deal Pipeline 363 Auction Sales

DIP Dollar Amount and Number of Financings Source: The Deal Pipeline $3.8 (225) $13.6 (310) $48.6 (430) $18.6 (347) $13.7 (237) $B

Investment strategies in uncertain times

Impact of cash pileup on companies restructuring or filing for bankruptcy

The possible impact of the reordering of capital on bankruptcy/restructuring

Pension liability factor in restructuring/bankruptcy equation

Notable bankruptcy cases of 2011

Near-term outlook

Audience Q&A

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